The different business ownerships are: Sole trade is a business run by individuals to make profit.

Investigating Business Part 2

The different business ownerships are:

Sole trade is a business run by individuals to make profit. An advantage of a sole trader is all decisions can be made by yourself, which gives you more control of what happens in the business. Another advantage is, it is simple and cheap to start up and you won’t need to borrow large sums of money in order to keep your business successful. A disadvantage is that they often work long hours and don’t get many holidays and when they do, they are limited. Another disadvantage is it may be hard for the sole trader to raise a capital to start the business or even for the growth of the business.

Partnership is a business run by more than one person; more one owner usually contributes to the capital to establish the business. An advantage of being in a partnership business is that it may be easier not having the sole responsibility for major decisions, there can be more than one person to help and contribute if needed. Another advantage is that it is less ...